While sandbox testing Apache CloudStack the management VM was no problem at all to setup, but the hypervisor VM through the virtual machine manager (virt-manager) threw:

Warning: KVM is not available. This may mean the KVM package is not installed, or the KVM kernel modules are not loaded. Your virtual machines may perform poorly.

You – most likely – lack nested virtualization support. When using Parallels version 9.0 and you want to setup a working VM capable of nested virtualization navigate to:

~/Documents/Parallels/$_PATH_TO_YOUR_VM.pvm

edit config.pvs and change the entry VirtualizedHV from 0 to 1.

Once you’ve restarted your VM you will notice that kvm_intel module has been loaded, the /dev/kvm file exists and the error thrown by virt-manager disappeared.

Have fun!